Progress of Online India
Digital payment transactions have registered tremendous growth in India over the last two years.
New payment modes – Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), Aadhaar enabled Payment System (AePS) and National Electronic Toll Collection (NETC) – have transformed digital payment ecosystem by increasing Person to Person (P2P) as well as Person to Merchant (P2M) payments.
At the same time existing payment modes such as debit cards, credit cards, Immediate Payment Service (IMPS) and Pre Paid Instruments (PPI) have registered substantial growth, said a release from the Press Information Bureau of 9 Nov 2018.
With exponential growth, new payment modes have also emerged as a convenient alternative to existing payment modes like debit cards, credit cards, IMPS and PPI.
For the first time, the number of monthly transactions under BHIM-UPI during Sept 2018 surpassed those of any other existing payment mode.
Total Transactions1: The number of digital payment transactions in the month of Oct 2016 was Rs.79.67 crore. This has increased by 207% to Rs.244.81 crore in Aug 2018. Total value of transactions in Oct 2016 was Rs.108.7 lakh crore which has increased by 88% to Rs.204.86 lakh crore in Aug 2018.
High Growth of New Payments Platforms:
Growth of BHIM-UPI2: In Oct 2016, the number of transactions on BHIM-UPI was 1.031 lakh with a value of Rs.48 crore which has increased to 48.236 crore transactions with a value of Rs.74,978.27 crore in Oct 2018.
Growth in AePS3: In Oct 2016, the number of transactions on AePS was 2.57 crore with a value of Rs.221 crore which has increased to 15.07 crore transactions with a value of Rs.5,893 crore in Oct 2018.
Growth in Bharat Bill Payment System (BBPS) as Utility Bill Payments4: In Oct 2016, the number of transactions on BBPS was 11,000 with a value of Rs.0.035 crore which has increased to 2.94 crore transactions with a value of Rs.910 crore in Oct 2018.
National e-Toll Collection (NETC): On Dec 2016, NETC was launched for electronic toll collection at toll plazas using FASTAG. Using NETC, the number of electronic transactions using FASTAG at toll plazas is 2.22 crore with a value of Rs.502 crore in Oct 2018.
Sources: RBI, NPCI, Data provided by 56 Banks to MeitY, NPCI Website, Information provided by NPCI on Weekly basis to MeitY and Information provided by NPCI on Weekly basis to MeitY.
-/fiinews.com
